Tags:

Text Size

-

+

reset

Ted Kennedy was paid nearly $2 million last year as an author's advance on a new autobiography.
AP Photo

Sen. Ted Kennedy, the veteran Massachusetts Democrat who is battling brain cancer, was paid nearly $2 million last year for an author’s advance on a new autobiography, according to financial disclosure reports made public Friday.

But Kennedy, like many Americans and affluent lawmakers, saw a steep decline in his personal wealth during 2008, according to his latest financial disclosures released Friday.

Family trust funds that Kennedy had reported as worth at least $45 million in 2007 now have a minimum value of $14 million. Kennedy earned at least $1.5 million in income from those trusts last year.

Kennedy's overall net worth, at a minimum, declined from nearly $48 million to $15.7 million in the last year, the documents show. But since disclosure reports only include a range of asset and liability value, his true worth is likely to be far higher.

The Massachusetts Democrat was paid $1.995 million by Grand Central Publishing, a division of Hachette Book Group (USA), in advances for his yet untitled bio.

Kennedy also was given a $5,000 painting from Jamie Wyeth, son of the famous American painter Andrew Wyeth, who died in January. The gift was approved by the Senate Ethics Committee, according to the disclosure report.

Senators are required to publicly release their financial disclosure forms every year, but 17 members have asked for more time, including Sens. Roland Burris (D-Ill.), Frank Lautenberg (D-N.J.), Majority Whip Dick Durbin (D-Ill.) and Chris Dodd (D-Conn.). The forms are extremely important for lawmakers to fill out carefully. Then-Sen. Ted Stevens (R-Alaska) was convicted last October for making false statements by not reporting gifts on his forms; his conviction was vacated earlier this year amid allegations of prosecutorial misconduct.

With the Minnesota Senate race still ongoing, Democrat Al Franken was granted an extension until Aug. 13 to turn in his forms. Former Sen. Norm Coleman, the incumbent Republican who is trailing by 312 votes, filed a termination report that said his assets were worth at least $301,000, and his liabilities of student loans amounted to at least $40,000.

Senators vary widely on how they prepare their forms; some offer specific details about their bank accounts, others only lay out the bare minimum. And they show only a broad estimate of assets and liabilities.

For instance, Senate Minority Leader Mitch McConnell (R-Ky.) reported having more than $1 million on loans in 2008 that he secured weeks before he won a tough reelection race last fall, according to Senate financial disclosure forms. But the forms say that McConnell has repaid the loans in full.

Sen. Dianne Feinstein (D-Calif.) reported receiving four gifts last year, including two from a friend — Shirley Nelson in Alamo, Calif. — who gave the senator a St. John cashmere lounge suit worth $550 and a glass pumpkin worth $675. Another friend, Jim Johnson, gave Feinstein a $672 bottle of Chardonnay, while a friend from San Francisco, Charlotte Schultz, gave her a Seahorse Ruby and diamond brooch worth $2,250.

Sen. John McCain (R-Ariz.) and his wife, Cindy, owe more than $15,000 on a joint credit card that is charging 25 percent interest; Cindy McCain owes between $15,000 and $50,000 on another charge card; and a dependent child has racked up between $15,000 and $50,000 on an American Express Card as well.

Senate Majority Leader Harry Reid owns a variety of land in Nevada, but he also owes at least $50,000 with a 10 percent interest rate on a loan he secured from Harry Reid Ltd.

Bristol Palin is an 18 year old celebrity who has been on the View, Larry King, and others. She got knocked up having unprotected pre-marital sex. She was paraded on stage during the election like she was Princess Diana.

The Palins need to get thicker skin.

For all you Palin protectors that have no problem posting Kennedy hate......take a look in the mirror.

I thought this guy was suppose to die a long time ago? The Democrats are waiting for him to so they cam slap the name Kennedy on some ridiculous legislation, which will surely pass. The Kennedy family no longer means anything. It plays only in the past. The current Kennedy family has done nothing to further the power of the family, just ride the coattails of JFK.

You mean how they get behind the wheel of a vehicle and crash it into water so the passenger drowns, purposely? That's murder? You learn something everyday!

Not attempting to rescue a passenger, leaving the scene of a crime (drunk driving accident) and not reporting the accident or immediately calling the police qualifies as murder to me. I would never wish cancer on anyone but I will not shed a tear over his passing. He has no soul.

Now THAT is true socialism people!!! Why hasn't she been called on it.

It actually is closer to fascism . When you tell my Alaskan cousins that all public land states should auction the land and mineral rights to private ownership ,they just give me a look like how could I suggest a philosophical preference for public affairs that would actually cost them money . The look is also due to the extremely liberal marijuana laws there . Give those guys a check and no worries about weed and they are happier than new brides and grooms at an eskimoe swap meet . I don't think they want my help any more .

McCain is paying 25% interest on credit card debt, and permits his dependents to rack up $15K to $50K in debt. Why didn't we elect this guy? What were we thinking? He is a model of fiscal responsibility and restraint.

McCain is paying 25% interest on credit card debt, and permits his dependents to rack up $15K to $50K in debt. Why didn't we elect this guy? What were we thinking? He is a model of fiscal responsibility and restraint.

Boo Hoo! you mean the kids will have to go to school with all the other kids? not like in the 60's with private schools while ours were pushed in schools with the black drug dealers....boo hoo boo hoo!!!

McCain is paying 25% interest on credit card debt, and permits his dependents to rack up $15K to $50K in debt. Why didn't we elect this guy? What were we thinking? He is a model of fiscal responsibility and restraint.

We never wanted this guy, he was pushed down our throats, we wanted Mitt Romney, no one is more honest than a true Mormon, and Nixon didn't practice his religion, Mitt and family does. I say if we can have a pres. that grew up in Third world countries and is a closet Muslim then.........................................anything goes